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费森尤斯医疗（FMS）与国际纸业（IP）财务数据对比。点击上方公司名可切换其他公司
费森尤斯医疗的季度营收约是国际纸业的1.2倍（$5.5B vs $4.7B），费森尤斯医疗净利率更高（7.9% vs -50.3%，领先58.2%），国际纸业同比增速更快（3.6% vs -0.3%）
费森尤斯医疗是德国知名医疗保健企业，核心业务为肾脏透析服务，在全球运营4171家门诊透析中心，服务约34.54万名患者。公司主要为终末期肾病患者提供治疗服务，该类患者需终身每周接受3次透析治疗以维持生命。
国际纸业是总部位于美国田纳西州孟菲斯的纸浆及造纸企业，为全球规模最大的同类型企业，目前拥有约3.9万名员工，产品覆盖纸浆、包装用纸、办公用纸等品类，业务遍及全球多个国家和地区，广泛服务各行业客户的相关需求。
FMS vs IP — 直观对比
营收规模更大
FMS
是对方的1.2倍
$4.7B
营收增速更快
IP
高出3.9%
-0.3%
净利率更高
FMS
高出58.2%
-50.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $4.7B |
| 净利润 | $434.2M | $-2.4B |
| 毛利率 | 27.4% | 32.2% |
| 营业利润率 | 11.7% | -56.4% |
| 净利率 | 7.9% | -50.3% |
| 营收同比 | -0.3% | 3.6% |
| 净利润同比 | 240.4% | -1521.8% |
| 每股收益（稀释后） | — | $-4.76 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收FMSIP
| Q4 25 | $5.5B | $4.7B | ||
| Q3 25 | — | $6.2B | ||
| Q2 25 | — | $6.8B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | $5.5B | $4.6B | ||
| Q3 24 | — | $4.7B | ||
| Q2 24 | — | $4.7B | ||
| Q1 24 | — | $4.6B |
净利润FMSIP
| Q4 25 | $434.2M | $-2.4B | ||
| Q3 25 | — | $-1.1B | ||
| Q2 25 | — | $75.0M | ||
| Q1 25 | — | $-105.0M | ||
| Q4 24 | $127.6M | $-147.0M | ||
| Q3 24 | — | $150.0M | ||
| Q2 24 | — | $498.0M | ||
| Q1 24 | — | $56.0M |
毛利率FMSIP
| Q4 25 | 27.4% | 32.2% | ||
| Q3 25 | — | 31.1% | ||
| Q2 25 | — | 27.9% | ||
| Q1 25 | — | 27.8% | ||
| Q4 24 | 25.0% | 29.0% | ||
| Q3 24 | — | 28.7% | ||
| Q2 24 | — | 29.0% | ||
| Q1 24 | — | 25.9% |
营业利润率FMSIP
| Q4 25 | 11.7% | -56.4% | ||
| Q3 25 | — | -10.8% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | -2.3% | ||
| Q4 24 | 5.1% | -4.9% | ||
| Q3 24 | — | 5.1% | ||
| Q2 24 | — | 6.8% | ||
| Q1 24 | — | 3.7% |
净利率FMSIP
| Q4 25 | 7.9% | -50.3% | ||
| Q3 25 | — | -17.7% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | -1.8% | ||
| Q4 24 | 2.3% | -3.2% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 10.5% | ||
| Q1 24 | — | 1.2% |
每股收益（稀释后）FMSIP
| Q4 25 | — | $-4.76 | ||
| Q3 25 | — | $-2.09 | ||
| Q2 25 | — | $0.14 | ||
| Q1 25 | — | $-0.24 | ||
| Q4 24 | — | $-0.42 | ||
| Q3 24 | — | $0.42 | ||
| Q2 24 | — | $1.41 | ||
| Q1 24 | — | $0.16 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.7B | $1.1B |
| 总债务越低越好 | — | $8.8B |
| 股东权益账面价值 | $15.4B | $14.8B |
| 总资产 | $33.5B | $38.0B |
| 负债/权益比越低杠杆越低 | — | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资FMSIP
| Q4 25 | $1.7B | $1.1B | ||
| Q3 25 | — | $995.0M | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $1.1B |
总债务FMSIP
| Q4 25 | — | $8.8B | ||
| Q3 25 | — | $9.0B | ||
| Q2 25 | — | $9.7B | ||
| Q1 25 | — | $9.2B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | — | $5.3B | ||
| Q2 24 | — | $5.3B | ||
| Q1 24 | — | $5.5B |
股东权益FMSIP
| Q4 25 | $15.4B | $14.8B | ||
| Q3 25 | — | $17.3B | ||
| Q2 25 | — | $18.6B | ||
| Q1 25 | — | $18.1B | ||
| Q4 24 | $17.0B | $8.2B | ||
| Q3 24 | — | $8.6B | ||
| Q2 24 | — | $8.6B | ||
| Q1 24 | — | $8.3B |
总资产FMSIP
| Q4 25 | $33.5B | $38.0B | ||
| Q3 25 | — | $40.6B | ||
| Q2 25 | — | $42.4B | ||
| Q1 25 | — | $41.2B | ||
| Q4 24 | $36.3B | $22.8B | ||
| Q3 24 | — | $23.2B | ||
| Q2 24 | — | $23.1B | ||
| Q1 24 | — | $23.0B |
负债/权益比FMSIP
| Q4 25 | — | 0.60× | ||
| Q3 25 | — | 0.52× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | — | 0.66× | ||
| Q3 24 | — | 0.62× | ||
| Q2 24 | — | 0.62× | ||
| Q1 24 | — | 0.66× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $2.9B | $905.0M |
| 自由现金流经营现金流 - 资本支出 | — | $255.0M |
| 自由现金流率自由现金流/营收 | — | 5.4% |
| 资本支出强度资本支出/营收 | — | 13.7% |
| 现金转化率经营现金流/净利润 | 6.67× | — |
| 过去12个月自由现金流最近4个季度 | — | $-159.0M |
8季度趋势，按日历期对齐
经营现金流FMSIP
| Q4 25 | $2.9B | $905.0M | ||
| Q3 25 | — | $605.0M | ||
| Q2 25 | — | $476.0M | ||
| Q1 25 | — | $-288.0M | ||
| Q4 24 | $2.6B | $397.0M | ||
| Q3 24 | — | $521.0M | ||
| Q2 24 | — | $365.0M | ||
| Q1 24 | — | $395.0M |
自由现金流FMSIP
| Q4 25 | — | $255.0M | ||
| Q3 25 | — | $150.0M | ||
| Q2 25 | — | $54.0M | ||
| Q1 25 | — | $-618.0M | ||
| Q4 24 | — | $137.0M | ||
| Q3 24 | — | $309.0M | ||
| Q2 24 | — | $167.0M | ||
| Q1 24 | — | $144.0M |
自由现金流率FMSIP
| Q4 25 | — | 5.4% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | -10.5% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 6.6% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | — | 3.1% |
资本支出强度FMSIP
| Q4 25 | — | 13.7% | ||
| Q3 25 | — | 7.3% | ||
| Q2 25 | — | 6.2% | ||
| Q1 25 | — | 5.6% | ||
| Q4 24 | — | 5.7% | ||
| Q3 24 | — | 4.5% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | — | 5.4% |
现金转化率FMSIP
| Q4 25 | 6.67× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 6.35× | ||
| Q1 25 | — | — | ||
| Q4 24 | 20.20× | — | ||
| Q3 24 | — | 3.47× | ||
| Q2 24 | — | 0.73× | ||
| Q1 24 | — | 7.05× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
FMS
暂无分部数据
IP
| Other | $2.4B | 52% |
| DS Smith Packaging | $2.3B | 48% |
